Oliver Smith is a senior reporter at The Memo, an online publication curious about the future of technology. He was formerly a reporter at City A.M.

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Oliver Smith

KARL BURNS PANMURE GORDON“Within retail the business has seen poor results leading to lower gross win margins, while in online it is yet to see a discernible benefit from the integration of Playtech and the integration process is unlikely to complete by early 2014 as Ladbrokes migrates from Micro-gaming.

SIMON DAVIES CANACCORD GENUITY“The real disappointment has been digital, where margins have been particularly weak, and it has under-estimated the disruption from its transition over to the Playtech platform. And given the run-rate in retail, we see a shortfall of at least £6m to previous consensus profit forecasts of £143.8m.

IVOR JONES NUMIS“Perhaps the clearest indication of how bad things are at Ladbrokes is the chairman’s statement “we remain fully confident in this management team...” We are cutting our recommendation [to add] and price target to reflect our concern over the apparent disarray in the digital division.